Changes to the Board and Auditors


 

TIDMGMFA 
 
RNS Number : 4392Y 
Global MENA Financial Assets Ltd 
02 September 2009 
 

2 September 2009 
 
 
GLOBAL MENA FINANCIAL ASSETS LIMITED 
 
 
Changes to the Board and Auditors 
The Directors of Global MENA Financial Assets Limited (the "Company"), a 
closed-ended investment company incorporated in Guernsey, wish to announce the 
following changes to the Board and the Company's auditors following the 
Company's Annual General Meeting ("AGM"), held today. The changes referred to 
herein are in addition to the announcement made on 27 August 2009 regarding the 
resignation of Omar El Quqa. 
Non-Re-election  of Richard Bernays, John Hawkins and Terence Allen 
Richard Bernays, John Hawkins and Terence Allen (the "Retiring Directors"), all 
retired at the Company's AGM, pursuant to their obligations under the Combined 
Code. Although they had offered themselves for re-election as directors of the 
Company, 95.77 per cent. of the Company's shareholders voted against their 
re-election. 
Appointment of Directors 
Anne Ewing has been appointed to the Board as a non-executive director with 
immediate effect. Hisham Al Otaibi will be appointed as a non-executive 
director, subject to the neccesary approvals being received. 
Hisham Al Otaibi was Kuwaiti Minister of Commerce and Industry between 1998 and 
1999 and has held several senior positions in Kuwait, including Director General 
of the Kuwait Stock Exchange, and Chairman of the Union of Arab Stock Exchanges 
and Securities Commission. He is currently a member of the Kuwait Supreme 
Petroleum Council, is chairman of M/s. Contracting & Marine Services Co. (SAK) 
and is a director of the Kuwait Stock Exchange. Hisham holds a B.Sc. in 
Engineering from the University of Oklahoma. 
Anne Ewing is currently a director and the company secretary of Dominion Fund 
Management Limited and is a resident of Guernsey. Anne has previously held 
senior positions at KPMG Channel Islands Limited, Rothschild Asset Management 
(CI) Limited and Old Mutual International (Guernsey) Limited. Anne is a member 
of the Worshipful Company of International Bankers, is a Fellow of the 
Securities Institute and was elected a Fellow of the FCIS in January 2006. Anne 
holds a MSc in Corporate Governance and Administration from the University of 
Bournemouth. 
Commenting on the appointments, Maha Al-Ghunaim said: 
"With the recovery in the MENA economies and the capital markets, I believe 
these are exciting times for the Company. I am very confident that the 
independent directors will be more than capable to help the Company in realizing 
its full potential and to serve the interest of all the shareholders in the best 
way possible." 
No other information is required to be closed pursuant to paragraph 9.6.13 R of 
the Listing Rules of the Financial Services Authority in relation to these 
appointments. 
Change of Auditors 
The shareholders voted against the re-appointment of Ernst & Young.  The Company 
is engaged in  discussions with a number of other firms and a decision will be 
made by the Company's new audit committee in the near future. An announcement in 
this regard will follow in due course. 
 
 
For information please contact: 
Alison Bilham 
HSBC Security Services (Guernsey) Limited 
 T: +44 (0)1481 707 
213 
Financial Dynamics    +44(0) 207 269 7114 
Ed Gascoigne-Pees 
Nick Henderson 
 
 
Notes to Editors 
About Global MENA Financial Assets Limited 
Global MENA Financial Assets Limited is a Guernsey incorporated investment 
company formed on 2 June 2008 to make attractive absolute gains through 
investment in a diversified portfolio of financial sector assets focused 
predominantly in the MENA region (including Turkey). 
www.gmfa.com 
About Global Capital Management Ltd. 
Global Capital Management Ltd. is the wholly-owned subsidiary of Global 
Investment House K.S.C.C. The investment manager has one of the largest private 
equity teams in the MENA region. The team is organised into transaction, due 
diligence and organisational development and monitoring subgroups. The members 
of the private equity team have diverse sector and geographic experience in 
countries across the MENA and other emerging markets. The team collectively 
maintains a broad network of institutional relationships within the regions 
targeted for investments by GMFA. The private equity team currently manages 
assets more than US$3 billion. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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